Buying property is an exciting life moment. And if it’s the first time you’re stepped into the fray, it is a huge achievement. As well as being incredibly overwhelming. So you might not want to read an article that outlines all the problems you might face. But being forewarned means you’re better able to handle them when, and if, they happen.
Here are 6 common hiccups you might face. Along with a few simple ways you might overcome them.
- Getting A Mortgage
The most frustrating and most common problem you might face when buying a home is getting a mortgage. Getting self employed mortgages, in particular, can be a nightmare. Recently, lenders have tightened their requirements, making it harder for borrowers to strike a deal.
There are a few ways you can improve your chances of getting a mortgage, though. Firstly, you can wait a while to accumulate a bigger deposit. Alternatively, make an effort to get your credit rating ship-shape before applying for a mortgage.
- A Slow Moving Chain
Experiencing delays in the property chain is all too common as well. You don’t always have a property chain, though, so you may get off scot-free when purchasing your property.
A chain occurs when the seller is buying a property themselves, so more than one home is involved. This creates a chain of transactions. The longer the chain, the more chances of delays and complete chain collapse if you’re really unlucky. The best way to manage a chain is to stay in consistent contact with your broker.
- Cold Feet
Unfortunately, some sellers have to pull out of a deal because of unforeseen circumstances. And often, there’s nothing you can do about it, but it’s the best thing to do for everyone involved.
But sometimes, people in the chain just get cold feet. No matter the reason, there’s nothing much that you can do if someone changes their mind. But it’s helpful to be mindful that it can happen.
- Completion Chaos
Completion day will be the final hurdle for you to get over, and then your new home will be within reach. Once contracts are exchanged, both parties will decide on a completion date. It’s usually two weeks later and marks the day you can go and collect the keys to your new home.
But, if you’re part of a long chain, it’s common for funds to be released later than expected. Meaning you won’t be able to collect keys. Make sure you have a backup plan in place, like somewhere to stay while you wait for the process to complete.
- The Actual Move
There’s no denying it; moving day will likely be the worst headache you face on your property journey. To save yourself some of the stress, don’t do everything on your own. Instead, take some time to research reputable removal companies and hire help.
It might seem like an unnecessary expense, but it will save a hell of a lot of stress on the day.
- Having A Mess To Clean Up (That’s Not Your Own)
What’s worse than having a stressful moving day? Arriving at your new home and seeing it in a state is exponentially worse. A surprising amount of people report arriving at their new place to a mess or unexpected furniture. And getting furniture removed can be very costly.
If things aren’t clean and anything’s left behind that wasn’t pre-agreed, you’re well within your rights to make a complaint.
Some problems are in your control to manage, and having a strong relationship with your broker is a great place to start. It’ll help keep the problems to a minimum, and if you do end up facing issues, a good relationship means they’ll get sorted much quicker.
But it’s worth remembering that some issues are just out of your control. So only focus on the things you have influence over and leave the others behind.